<span>It's false that uncollectible accounts should not be estimated because it is impossible to know which accounts will not be collected. </span>
Answer:
An employee's funds grow tax deferred in the plan. They don't pay taxes on investment earnings until they withdraw their money from the plan. An employee will pay income taxes and possibly an early withdrawal penalty if they withdraw their money from the plan.
Explanation:
I hope this helps. :D
The complete information is that on January 1 2016 the Allegheny Corporation purchased machinery for $115,000. The estimated service life of the machinery is 10 years and the estimated residual value is $5,000. With that in mind, the machine is expected to produce 220,000 units during its life. In that case we can calculate a depreciation for 2016 and 2017 and doing it with one of the methods which is called Straight-Line Depreciation which states that:
<span>Choose Numerator: / Choose Denominator: = Annual Depreciation Expense </span>
<span>Cost minus Salvage / Estimated Useful Life (years) = Depreciation Expense </span>
Answer:
Option (C) is correct.
Explanation:
Here, we are using the double declining-balance depreciation method:
Given that,
Building cost = $800,000
Estimated residual value of the building = $50,000
Expected useful life = 25 years
Annual depreciation rate as per straight line method:
= 100 ÷ 25 years
= 4% per year
Hence, depreciation as per double decline balance method:
= 2 × Annual depreciation rate as per straight line method × Beginning value of each period
In year 1,
Ending value = Beginning value - Depreciation
= $800,000 - (2 × 4% × $800,000)
= $800,000 - $64,000
= $736,000
In year 2,
Depreciation = 2 × 4% × $736,000
= $58,880
This type of internal network is called INTRANET. Intranet is a local and restricted communication network that is contained within an enterprise. An intranet usually include connection through gateway computers to the outside internet. An intranet is a network where employees can communicate, collaborate, create contents, etc.
